Wire transfers

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Wire transfers

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jema
Downsizer Moderator

Joined: 28 Oct 2004
Posts: 28258
Location: escaped from Swindon

Posted: Fri Jan 26, 07 9:08 pm Post subject: Wire transfers
I have someone who wants to make a large business payment to me from the West Indies by wire transfer. Is this just a matter of giving them my business account number? I have never had a payment this way before

cab

Joined: 01 Nov 2004
Posts: 32429

Posted: Fri Jan 26, 07 9:15 pm Post subject:

Seen this done with overseas students getting money wired to them, and had money wired to me once to pay a bill someone owed me for. They'll need your account details, thats your name, name address and phone number of the bank together with sort code, and your bank account number. The precise details seem to vary according to where the money is being sent from; I suspect thats all to do with how paperwork happy each place is.

cab

Joined: 01 Nov 2004
Posts: 32429

Posted: Fri Jan 26, 07 9:24 pm Post subject:
Oh, of course that was a wire to me personally, I don't know for sure that its the same for your account.

alison
Downsizer Moderator

Joined: 29 Oct 2004
Posts: 12918
Location: North Devon

Posted: Fri Jan 26, 07 10:02 pm Post subject:
Is this the nigerian prince who cannot get hold of his money, and needs an account in the UK

jema
Downsizer Moderator

Joined: 28 Oct 2004
Posts: 28258
Location: escaped from Swindon

Posted: Fri Jan 26, 07 10:07 pm Post subject:

alison wrote:

Is this the nigerian prince who cannot get hold of his money, and needs an account in the UK

he's ever so convincing

dougal

Joined: 15 Jan 2005
Posts: 7184
Location: South Kent

Posted: Fri Jan 26, 07 10:11 pm Post subject:
Hang on - there are two different things a bank transfer and a money transfer. Normally "wiring money" has meant a Western Union money transfer. This would normally not have anything to do with bank accounts. Its how nannies send money back to their families in the Philippines. Western Union info here. https://www.westernunion.co.uk/info/osMoneyTransfer.asp

jema
Downsizer Moderator

Joined: 28 Oct 2004
Posts: 28258
Location: escaped from Swindon

Posted: Fri Jan 26, 07 10:27 pm Post subject:
I assumed in this case they mean bank transfer, but they are getting back to me Monday with details, so I guess I will find out then.

MarkS

Joined: 01 Aug 2006
Posts: 2626

Posted: Tue Jan 30, 07 12:55 pm Post subject:
I would say IBAN, which is good in europe and adopted as an international 'standard' but will his bank support it ? maybe BIC/SWIFT if not ?

jema
Downsizer Moderator

Joined: 28 Oct 2004
Posts: 28258
Location: escaped from Swindon

Posted: Tue Jan 30, 07 1:03 pm Post subject:
Well I have given the bank details and I'm waiting....

Northern_Lad

Joined: 13 Dec 2004
Posts: 14210
Location: Somewhere

Posted: Tue Jan 30, 07 1:08 pm Post subject:
If it's a BACS (or better yet CHAPS) then all they need is the sort code, account number and a reference number if it's to a building society.

thos

Joined: 08 Mar 2005
Posts: 1139
Location: Jauche, Duchy of Brabant (Bourgogne-ci) and Charolles, Duchy of Burgundy (Bourgogne-ça)

Posted: Tue Jan 30, 07 1:23 pm Post subject:

MarkS wrote:

I would say IBAN, which is good in europe and adopted as an international 'standard' but will his bank support it ?

maybe BIC/SWIFT if not ?

IBAN is Europe only. The rest of the world uses Swift, except US banks, which have no knowledge of the existance of the rest of the world.

dougal

Joined: 15 Jan 2005
Posts: 7184
Location: South Kent

Posted: Tue Jan 30, 07 2:08 pm Post subject:

jema wrote:

Well I have given the bank details and I'm waiting....

... for the account to be emptied or filled!

jema
Downsizer Moderator

Joined: 28 Oct 2004
Posts: 28258
Location: escaped from Swindon

Posted: Tue Jan 30, 07 2:10 pm Post subject:

dougal wrote:

jema wrote:

Well I have given the bank details and I'm waiting....

... for the account to be emptied or filled!

I assume the basic reality is that simple account numbers do nothing much at all.

jema
Downsizer Moderator

Joined: 28 Oct 2004
Posts: 28258
Location: escaped from Swindon

Posted: Tue Feb 06, 07 9:55 am Post subject:
Yee haa the money is in the bank I must say this is something that comes in handy, I was working it out recently and since May last year I have bought about £15,000 of business equipment, which kind of explains a slight shortage of funds Funny really as on one level it is chicken feed compared to what a lot of businesses need by way of investment, but we are doing it without borrowing.

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